Real Estate Exam Flashcards

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Questions and Answers

A deed limitation on the use or enjoyment of real property is called a?

restriction

Conveyance of real property by escheat means the owner has died?

intestate without heirs

Russel is employed by Seller O'Neil to manage his rental house. What can correctly describe their relationship?

Russel is O'Neil's agent; Russel owes a fiduciary duty to O'Neil.

Under federal housing laws, steering means?

Discouraging a person from inspecting a property because of their sex or religion. Signup and view all the answers

The Federal National Mortgage Association (FNMA) was created primarily for the purpose of?

Buying Title II loans to keep the market liquid. Signup and view all the answers

A license may use the term 'team' or 'group' to advertise if?

The licensee members of the team are associated with the same principal broker. Signup and view all the answers

A lease is an instrument used to transfer?

Possession and use of real property for a specific consideration. Signup and view all the answers

In Oregon, the county assessor is required by law to assess property at?

Market value. Signup and view all the answers

Under a government rectangular survey, a correction line is needed because of?

The curvature of the earth. Signup and view all the answers

In a real estate sale transaction, title to the real estate passes from the seller to the buyer when?

The seller executes and delivers the deed, and the buyer accepts the deed. Signup and view all the answers

A tenant vacated a heated apartment due to a defective heating system. This is an example of?

Constructive eviction. Signup and view all the answers

Which of the following tends to lower property values?

Deferred maintenance Signup and view all the answers

A 'release clause' in a mortgage is a provision which?

Allows portions of the property to be released from the mortgage lien. Signup and view all the answers

The abstract of title for a specific parcel of real estate provides?

A full historical summary of matters affecting title. Signup and view all the answers

A trust deed or mortgage is given as security for a promissory note.

True Signup and view all the answers

A homestead exemption would NOT affect?

Tenancy agreement Signup and view all the answers

If a property manager deposits his own funds into his trust account, this situation is called?

Commingling. Signup and view all the answers

The listing agreement between Frank Morrow and Broker Ted Scott authorized Scott to act as the sole agent of Morrow. This is an example of?

An exclusive right to sell listing. Signup and view all the answers

A buyer's debit on the closing statement always?

Increases the amount the buyer will pay. Signup and view all the answers

A proposal to auction real estate must?

Be reduced to a written, signed agreement. Signup and view all the answers

Oregon real estate licensees may accept a listing for real property of the seller?

Neither 1 or 2. Signup and view all the answers

The Federal National Mortgage Association (Fannie Mae) functions in the secondary mortgage market to?

Buy mortgages that are originated by other lending institutions. Signup and view all the answers

The term 'waiver' in a legal contract is best defined as?

A voluntary give up or surrender a right. Signup and view all the answers

The amount of compensation a property owner must pay a property manager is determined by?

The property management agreement. Signup and view all the answers

Depreciation can be attributed to?

Economic obsolescence, functional obsolescence, physical deterioration. Signup and view all the answers

Study Notes

Definitions and Terms

A deed limitation restricting the use or enjoyment of real property is known as a restriction.
Conveyance of real property by escheat indicates the owner died intestate without heirs.
In a real estate context, Russel acts as O'Neil’s agent and owes a fiduciary duty to him.

Housing Laws

Steering under federal housing laws includes:
- Discouraging property inspections based on sex or religion.
- Failing to inform potential buyers about desirable features based on familial status.

Federal National Mortgage Association (FNMA)

The FNMA was created under Title III of the National Housing Act to primarily purchase Title II loans for market liquidity.

Advertising Regulations

A license may use “team” or “group” in advertising if:
- Team members are associated with the same principal broker.
- The name is not deceptively similar to another trade name.
- At least one member is a licensed real estate agent.

Leases and Title Transfer

A lease transfers possession and use of real property for a specified consideration.
Title to real estate passes to the buyer when the seller executes and delivers the deed, and the buyer accepts it.

Property Assessment and Market Values

In Oregon, properties must be assessed at market value.
Deferred maintenance typically tends to lower property values.

Mortgages and Contracts

A release clause in a mortgage allows portions of the property to be released from the mortgage lien.
The abstract of title provides a full historical summary of matters affecting title.

Financial Instruments

A trust deed or mortgage serves as security for a promissory note.
Homestead exemptions do not affect trust deeds, construction liens, or mortgages.

Management and Commingling

If a property manager deposits personal funds into a trust account, this creates a situation called commingling.
Compensation for property management is determined by the property management agreement.

Auction Procedures

Proposals to auction real estate must be in written, signed agreements and include terms set by the seller beforehand.

Real Estate Transactions

A buyer's debit on the closing statement always increases the total paid by the buyer.
The Federal National Mortgage Association (Fannie Mae) operates in the secondary mortgage market by buying mortgages from lenders.

Legal Terms

The term waiver in legal contracts signifies a voluntary relinquishment of a right.
Depreciation can result from economic obsolescence, functional obsolescence, and physical deterioration.

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Description

Test your knowledge of key terms and concepts in real estate with these flashcards. Perfect for anyone preparing for the real estate exam or wanting to solidify their understanding of property law. Review terms like restrictions and agency relationships to enhance your learning.